Morning Report

/

The royal pair is trapped within a very tight range since yesterday. Thus; we keep our outlook to the upside over intraday basis, depending on the suggested Elliott count in addition to the probability of forming the CD leg for harmonic structure. The secondary image shows a bullish harmonic formation appearing on Stochastic that has been formed on the four-hour interval. A break of 0.9015 will accelerate this bullish move.

The trading range is among the key support at 0.8790 and key resistance now at 0.9205.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

Weekly Report

Support0.89650.89350.89050.88600.8820
Resistance0.90000.90300.90700.91150.9145
RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 0.9015 targeting 0.9110 and stop loss below 0.8925 might be appropriate.